Sound Quality of Spotify in offline mode

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I use Spotify Premium and I'm delighted with the general functionality and accept that the quality (320kbps OGG ??) is pretty good, but not particularly audiophile. I have recently started to use Offline Mode on my laptop and was wondering what the quality of the playback is in this mode. Some say it's better than streaming - because there is no 'cloud' in the way during playback. Some say it is 'worse than MP3'. Understandably, official documentation from Spotify is a bit sketchy on this topic - but I was wondering if anyone has gone into the subject. Also, where does Spotify store the playlists on your laptop - is there any way you can you access these files (legally) ??
 
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